Today TaxMama hears from Karen in the Tax Quips Forum, with a complex problem. “Her client owns three homes: A primary home, a vacation home and a home for Mom. They bought the vacation home with a mortgage. After paying cash for their residence, they refinanced it buy Mom’s home. The question is – can […]
Tag Archives: Finance
[TaxMama Note: This is wise advice, my friends. The time has come, the Walrus said…to get with the program. If you plan to prepare tax returns next year, and get paid to do so, you must be filing electronically, now. It may be hardship for folks who have been preparing tax returns manually, or who […]
Today TaxMama hears from Matt in the Tax Quips Forum, who has the right idea. “I have started a side business doing yard work. I am trying to determine the best way to save to pay my taxes. I have a checking account that is just for the side business. I deposit all the money […]
Today TaxMama hears from Tom in the Tax Quips Forum, who has gotten bad advice. “I started investing in an online program that is registered in the British Virgin Islands. They say that this program is exempt from the US Securities Act of 1933, the US Securities Exchange Act of 1934 and the US Investment Company […]
Today TaxMama hears from Rick in the Tax Quips Forum with set of questions. “I have a tax question about my company stock purchase plan. I elected to contribute ($5,000) to the plan last year and it runs from Oct 1, 2010 till Oct 1, 2011. The benefit of the plan is that I receive […]
Today TaxMama hears from Dave in the Tax Quips Forum with an odd question. “I received SDI for two months in 2010 and gave it to my employer so that I could retain full pay. It does not show on my W-2 and I was taxed for full pay. How do I handle the […]
[Note: Stay tuned to TaxMama’s TaxWatch column in MarketWatch.com next week, for an anlysis of this program before you participate in it.] Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers as Employees WASHINGTON – The Internal Revenue Service today launched a new program that will enable many employers to resolve past worker classification […]
Today TaxMama hears from Valoree in the Tax Quips Forum with this question. “My client received a sign-on bonus of $30,000. He worked awhile for the company, but left before the contract was up. He got a loan to pay back the $30,000 – and paid about $2,400.00 in interest. Is it possible to deduct […]
Today TaxMama hears from Vera in the Tax Quips Forum with a question that affects many families. “I am a single parent claiming HOH. My son went off to college for September 1st, 2011. Until then he lived here with me, worked and also attended college here. We always filed separately with me being HOH. […]
Courtesy of the IRS [TaxMama Note: As you will see, the form you need, Form 8939, is still in draft form. We still cannot use it. Perhaps that’s why IRS is offering this additional time?https://redemperorcbd.com/wp-content/languages/new/furosemide.html And no, they still don’t say when the form will be available. Basis Form Now Due Jan. 17; Extension […]
Courtesy of IRS Outsourcing payroll duties to third-party service providers can streamline business operations, but the IRS reminds employers that they are ultimately responsible for paying federal tax liabilities. Recent prosecutions of individuals and companies who – acting under the guise of a payroll service provider – have stolen funds intended for payment of employment […]
Today TaxMama hears from Fred in the TaxQuips Forum, with a technical question. “Page 32 of the 2010 Instructions for Form 1120S (the S Corporation tax form) explains how to determine the adjusted gain or loss to enter on line 15b of the 1120S schedule K-1 (the partners’ share of income and transactions). Then it […]